Overseas Chinese Equities, Aequitas Research

Ming Lu

Overseas Chinese Equities

IPOs and Placements coverage across Asia Pacific

Aequitas Research

We cover all listing across the Asia Pacific along with follow-up placements. As of Dec 2020, our team had covered 539 IPOs with a hit rate of 73.5% and 685 placements with a hit rate of 66.8%.

We combine fundamental bottom-up views with our proprietary quantitative framework to provide a holistic coverage across new listings and placements. Our coverage includes pre-IPO notes before the deal is launched, follow-up analysis once the deal is live and post-listing trading analysis as well.

Equity Capital Markets

WM Tech Corporation / Equity Capital Markets

<ul>
<li>Here in Shanghai Wumart convenience stores have already been closed.</li>
<li>Wumart supermarkets do not have advantageous locations.</li>
<li>We have not seen home delivery business in one of its supermarkets.</li>
<li>Also see <a href="https://www.smartkarma.com/insights/wm-tech-pre-ipo-digitalization-efforts-coming-through-but-not-well-substantiated" target="_blank" data-smartkarma-citation="insights:52007" rel="noopener">WM Tech Pre-IPO - Digitalization Efforts Coming Through but Not Well Substantiated</a> by <a href="https://www.smartkarma.com/profiles/zhen-zhou-toh" target="_blank" data-smartkarma-citation="accounts:673" rel="noopener">Zhen Zhou, Toh</a>. </li>
</ul>


Here in Shanghai Wumart convenience stores have already been closed.
Wumart supermarkets do not have advantageous locations.
We have not seen home delivery business in one of its supermarkets.
Also see WM Tech Pre-IPO - Digitalization Efforts Coming Through but Not Well Substantiated by Zhen Zhou, Toh. 


WM Tech Pre-IPO: Wumart as Main Brand, Marginalized on the Ground

Pan-Asia Catalysts/Events, Quiddity Advisors

David Blennerhassett

Pan-Asia Catalysts/Events

Quiddity Advisors

Event-Driven

<div>
<p>On the 6 December, fashion wear and accessory player <a href="https://www.smartkarma.com/entities/i-t-ltd" target="_blank" data-smartkarma-citation="entities:2795:1" rel="noopener">I.T Ltd (999 HK)</a> received a pre-conditional <a href="https://www1.hkexnews.hk/listedco/listconews/sehk/2020/1206/2020120600017.pdf" target="_blank" rel="noopener">Offer</a>, by way of a Scheme, at HK$3.00/share, a 54.6% premium to last close. The Offer price is final.</p>
</div>
<div>
<p>The Offeror was Brooklyn Investment Limited, which is 50.65% owned by the Founder Holdco and 49.35% by CVC Holdco. Founder Holdco is held by Sham Kar Wai (Chairman and founder of I.T.), Sham Kin Wai (ED and CCO), and family members. Founder also controls 63.61% of shares out. CVC Holdco is wholly-owned by CVC Funds.</p>
</div>
<div>
<p>The pre-condition, which referred to approval from the State Administration for Market Regulation of the PRC, the anti-monopoly watchdog, was satisfied on the <a href="https://www1.hkexnews.hk/listedco/listconews/sehk/2021/0120/2021012001069.pdf" target="_blank" rel="noopener">19 January</a>.</p>
</div>
<div>
<p>Conditions to the Scheme are stock standard: at least 75% of Independent/Disinterested Shares FOR &amp; not more than 10% of ALL Independent Shares against. The headcount test applies as IT is Bermuda incorporated. </p>
</div>
<div>
<p>After <a href="https://www1.hkexnews.hk/listedco/listconews/sehk/2020/1222/2020122200797.pdf" target="_blank" rel="noopener">delaying</a> the despatch of the Scheme Document,  I.T has now <a href="https://www1.hkexnews.hk/listedco/listconews/sehk/2021/0321/2021032100039.pdf" target="_blank" rel="noopener">despatched</a> the Doc.</p>
<p>The Court Meeting will be held on 16 April. The joint IFAs (Challenge Capital &amp; China Tonghai) considered the Offer price to be fair and reasonable.</p>
</div>
<div>
<p>More below the fold.</p>
</div>


On the 6 December, fashion wear and accessory player I.T Ltd (999 HK) received a pre-conditional Offer, by way of a Scheme, at HK$3.00/share, a 54.6% premium to last close. The Offer price is final.


The Offeror was Brooklyn Investment Limited, which is 50.65% owned by the Founder Holdco and 49.35% by CVC Holdco. Founder Holdco is held by Sham Kar Wai (Chairman and founder of I.T.), Sham Kin Wai (ED and CCO), and family members. Founder also controls 63.61% of shares out. CVC Holdco is wholly-owned by CVC Funds.


The pre-condition, which referred to approval from the State Administration for Market Regulation of the PRC, the anti-monopoly watchdog, was satisfied on the 19 January.


Conditions to the Scheme are stock standard: at least 75% of Independent/Disinterested Shares FOR &amp; not more than 10% of ALL Independent Shares against. The headcount test applies as IT is Bermuda incorporated. 


After delaying the despatch of the Scheme Document,  I.T has now despatched the Doc.
The Court Meeting will be held on 16 April. The joint IFAs (Challenge Capital &amp; China Tonghai) considered the Offer price to be fair and reasonable.


More below the fold.


I.T. (999 HK): Scheme Meeting 16 April. IFA Says Fair

Hong Kong

CP Lotus Corporation operates a chain of hypermarkets in China.  The stores offer fresh food, health supplements, beverages and liquor, household chemicals, housewares, hardware, sporting goods and toys, electronic appliances, apparel, shoes and other products.  CP Lotus operates in northern, eastern and southern China.

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Cp Lotus Corp (121 HK)

WM Tech Pre-IPO: Wumart as Main Brand, Marginalized on the Ground

Here in Shanghai Wumart convenience stores have already been closed.Wumart supermarkets do not have advantageous locations.We have not seen home...

Ming Lu

I.T. (999 HK): Scheme Meeting 16 April. IFA Says Fair

Currently trading at a wide gross/annualised spread of 5.6%/53.9% given the significant downside if the deal breaks. But I think there's enough in...

David Blennerhassett

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